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Email: admin@victoryaccounts.com.au
Get ready for fringe benefits tax time
The 2022 fringe benefits tax (FBT) year ends on 31 March 2022, so it’s a good time to start considering what you need to do to lodge and pay your FBT.
You'll need to work out if you have an FBT liability for fringe benefits you’ve provided to your employees (or their associates) between 1 April 2021 and 31 March 2022.
More information here.
TAX NEWS
Registered Tax Agent
Public Accountant
Certified QuickBooks ProAdvisor
Fund validation service user guide update Guidance has been provided by the ATO on its fund validation service (FVS), which is a suite of services that support implementation of SuperStream, the Federal Government’s system to provide a consistent, reliable electronic method of transacting linked superannuation data and payments. It supports funds to meet regulatory obligations to provide rollover and contribution information on a shared register.
If a client asks for payroll help, there are 3 essential requirements
With the steady roll out and adoption of single touch payroll (STP) continuing, and smaller and micro employers steadily running out of options going forward, there may be clients who approach their tax or BAS agent and ask for help in the form of the provision of a payroll service (which includes payroll-related functions, such as interpreting related legislation or helping calculate PAYG or SG liabilities). The ATO is reminding practitioners that there are three essential requirements to be able to offer these services to clients.
Claiming a tax loss for your business
Before you claim a tax loss, make sure you have correctly claimed expenses that you are entitled to. Overclaiming expenses can put your business in an incorrect tax loss situation.
It’s also important to remember to apportion your expenses correctly, so that only the business portion of the expense is claimed, and not any personal component of the expense.
More information here.
Finding it hard to lodge and pay?
Missing a due date can be stressful. If you've simply forgotten a due date or if you need more support, the Tax Office has options available to help you.
The 'Support to lodge and pay' web page provides you with a simple point of access to the support available depending on your situation. It helps you with:
understanding and managing your obligations
what to do if you can't lodge or pay on time
how to find tax support in challenging times.
Super Guarantee rate rising 1 July 2021
On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%.
If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.
More information here.